According to IMARC Group’s latest report, titled “Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global travel insurance market reached a value of US$ 13.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 31.3 Billion by 2027, exhibiting a CAGR of 14.4% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Travel insurance is a type of insurance that protects tourists from financial risks by covering various expenses and losses during international or domestic travels. It provides cover in case of trip cancellation, medical emergencies, baggage loss, personal property damage, and loss of tickets and passport. It also offers 24/7 emergency services in case of loss of documents and any monetary assistance. Nowadays, travel insurance also supports customization as per the geographical location and requirement of the insured customer.
Market Trends and Drivers:
The global travel insurance market is primarily driven by a significant rise in corporate trips. Travel insurance is distributed via insurance aggregators, banks, and insurance brokers, who provide different plans that cover costs and losses depending on the coverage policy of the insured. The rapid growth of the travel and tourism industry, on account of the increasing disposable incomes of consumers and the ease of booking holiday packages online, is also positively impacting the market growth. They are easily accessible via online sites, including direct airline websites and online travel agencies. Moreover, several technological developments, such as the integration application program interface (API), artificial intelligence (AI), and data analytics, have enabled travel insurance companies to create personalized user experiences. Furthermore, governments across various countries have necessitated insurance documents in visa applications to mitigate travel risks.
Travel Insurance Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the travel insurance market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Allianz SE
- American Express Company
- American International Group
- AXA SA
- Berkshire Hathaway Specialty Insurance Company
- Generali Group
- Insure & Go Insurance Services (Mapfre S.A.)
- Seven Corners Inc.
- Travel Insured International Inc. (Crum & Forster)
- USI Affinity (USI Insurance Services)
- Zurich Insurance Group AG
Key Market Segmentation:
The report has segmented the global travel insurance market on the basis of insurance type, coverage, distribution channel, end user and region.
Breakup by Insurance Type:
- Single-Trip Travel Insurance
- Annual Multi-Trip Insurance
- Long-Stay Travel Insurance
Breakup by Coverage:
- Medical Expenses
- Trip Cancellation
- Trip Delay
- Property Damage
- Others
Breakup by Distribution Channel:
- Insurance Intermediaries
- Banks
- Insurance Companies
- Insurance Aggregators
- Insurance Brokers
- Others
Breakup by End User:
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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